Mergers & Acquisitions

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Deal Overview

Buyer:
Old National Bancorp
Actual Acquirer:
ONB Bank
Target:
Workingmens Capital Holdings, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
4/8/1996
Announcement Date:
4/8/1996
Announced Deal Value ($ M):
39.20
Status:
Completed
Completion Date:
10/19/1996
Announced Deal Value Per Share ($ )
21.44

Consideration Breakout
Common Stock ($M) 40.6

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 148.4 151.7
Price / Tangible Book (%) 148.4 151.7
Price / Earnings (x) 19.3 21.8
Price / Deposits (%) 25.77 27.12
Price / Assets (%) 18.38 19.50
Tangible Book Premium/ Deposits (%) 9.70 10.48
Deal Terms
Description of Consideration

Workingmens Capital shareholders received 0.6123 shares of Old National common stock for each share held. The exchange ratio was collared around Old National's price of $33.00 and $34.75.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 0.612300
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NM
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes KeyBanc Capital Markets Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Krieg DeVault LLP
Seller Yes Barnes & Thornburg LLP